Australia November New Homes Sales Down 1.1% - HIA

(RTTNews) - Sales of new houses in Australia declined a seasonally adjusted 1.1 percent in November, according to survey results released Wednesday by the Housing Industry Association (HIA).

The Association said fears of recession and tighter credit overcame declining interest rates.
The survey also found sales of private detached houses declined 0.4 percent, while sales of multi-unit housing declined 5.3 percent.

The November decline compares to an increase in overall new house sales of 4.5 percent registered in October.

HIC Chief Executive Chris Lamont sales activity in the second half of 2008 reflected the general economic slowdown and difficulties faced in finding financing for new construction.

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